A team of researchers from universities in Australia and the US has collaborated with quantum technology company BTQ, to publish research on a new Proof-of-Work ( PoW ) mechanism based on computing techniques. quantum to confirm consensus on blockchain .
What's so special about the new proposal?
The research paper titled " Proof-of-work Consensus by quantum sampling" (using computational power from quantum computers to verify transactions in a blockchain system) detailed the system that The authors claim it will “provide significant validation speed and energy savings compared to conventional hardware computation.”
According to the researchers, current algorithms that decode on the PoW consensus mechanism are quite slow and require significant amounts of computing power like the Bitcoin blockchain system. Meanwhile this new PoW consensus mechanism will provide a much more energy efficient alternative when deployed on quantum hardware.
The advantage of quantum computers also increases the difficulty of mining, so it is possible to “ maintain block time” as the number of Miners increases, encouraging the continued participation of the pool of machine Miners . quantum computing.
What about their limitations?
The application of quantum computers to blockchain technology is a novel concept, as the processes mentioned by the researchers are not common when their potential is limited to a select few areas such as: chemistry. However, the researchers suggest that this could be the perfect solution for future blockchain applications and potentially reduce the environmental impact of mining on the Bitcoin blockchain and similar blockchain platforms.
One of the advantages of traditional computers over the new quantum machines is their ability to program " pre-compute " when frequently dealing with the same problem. However, when it comes to blockchain technology, pre-computing is essentially wasteful.
Cryptocurrency mining is an incredibly complex process – solving blockchain algorithms doesn't make computers and algorithms better at solving problems. This contrasts with quantum computers, where they can solve complex problems more quickly and efficiently over time.
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